Using A Lease Option To Sell Your House in San Diego

Thinking about selling your San Diego house? Consider a lease option to get the price you want! Learn more in our latest post!

Lease options can be a better selling strategy than most people realize. It will help you get the best price overall while providing you with extra income until the house has officially sold. Below we will answer some of the most common questions we see about how to use a lease option to sell your house in San Diego.

What Is A Lease Option?

A lease option will allow a potential buyer to lease the property for a specific term, with the option to buy at the end. The lease will typically last 1-3 years and if they are not able to purchase it at that point, the property will remain in your name and everyone can move on. During the lease term, the tenant will pay you a “rent” that is typically higher than average. Some agreements are arranged so some of this money goes toward the down payment if they opt to buy. However, whether they choose to buy or not, the amount you have collected during the rental term is yours to keep. So either way, you will come out ahead.

How To Set It Up

It is important to set the right terms from the very beginning. You want to make sure both parties have a clear understanding of their responsibilities and the timeframe in which the agreement covers. In most cases, you will set up a traditional rental agreement, with an option to buy at the end. There are a few key differences with a rent to own agreement as compared to a standard lease. First off, the tenant will likely be responsible for the repairs to the property. This will equate to even more cash that will stay in your pocket during the duration of the lease. You will also need to decide how funds will be allocated. While the rental payments are typically higher than average each month, you will need to decide where that money goes. Will you set aside a percentage to go toward the tenant’s future downpayment? Or will the rent payments become pure profit for you? Some agreements will also require a down payment or deposit of sorts to ensure good faith by the tenant.

A Whole New Market Of Buyers

Using a lease option will open your home up to a whole new market of buyers. There are tons of people out there who are ready to buy but are not quite able to get the financing they need. They are good people, who may have a blemish on their credit report from years ago. Or maybe they have been hit with an unexpected debt, keeping their loan from going through. By leasing your property with the option to buy, they will be able to get their credit and finances in order, buying your property outright when the time comes. This opens the door to a whole new group of buyers who may be interested in your home.

What’s The Risk?

There really isn’t one. Worst case scenario, they don’t buy end up buying your San Diego house at the end of the lease. You will have made some good money, and the property will still be yours to do with as you please. You can opt to list it on the MLS with a whole new pool of potential buyers, you can rent it out in the traditional way, or you can take on another prospective rent to own tenant. No matter what, you will still come out ahead.

Contact us today to learn more about a lease option for your San Diego property!

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We buy property in ANY CONDITION. There are no commissions or fees and no obligation whatsoever. Start below by giving us a bit of information about your property or call (760) 478-4202...

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This year was a crossroads for me to sell my home. My husband and I spent our whole married lives in this house. I contacted a Realtor, entertained several companies that flipped houses; then a letter came in the mail from Jason Lewis of the Benchmark Property Group. I called him and scheduled a meeting at my home. We talked for several hours, he presented his offer and stated, “Think it over and if it is something you feel you want to do, just call me”. I wanted Jason to understand the timetable situation and that I still had not found another place to move to as yet. I wanted to move closer to my grandchildren in Temecula, I needed to handle a family situation in Arizona and would be gone approximately 6 to 8 weeks. No problem he said we can work with you. He suggested a realtor that knew the Temecula area; We finally found a house just two days before leaving for Arizona. Jason then took care of handling all the paper transactions via email with an Escrow company. I just want to thank Jason for the consideration and understanding shown to me throughout this transaction. I now have a nice home within several miles of my grandchildren, Thank You Jason.”

“It was a great pleasure dealing with Jason Lewis with Benchmark Property Group, Inc. Our property at 619 Parker Street in Oceanside, CA, was our first home for my husband “Pete” and I. After serving in the Marine Corp out of Camp Pendleton, we moved to Orange County and rented out this property. Over the years, the foundation began to crack in many places and we weren’t in a position to financially repair it. My husband passed in December 2014 and it was at that time I decided to part with our first property. Jason had sent my husband a letter many years earlier and upon going through his things, we found the letter. We contacted Jason and one other individual (that I will not name) about buying the property. The first person contacted was not comfortable with purchasing the property, but Jason had no problem and with just talking to Jason, I was very comfortable with dealing with him and his company going forward. I met with Jason and his staff to go over the house so he could decide what needed to be done and how much he was going to offer. Jason’s offer was more than a fair price for the house and as promised, he allowed us to view the property after being fixed up. It was truly a pleasure to deal with Jason and his company. He did such an amazing job with the property. Thank you so much Jason!”

“I don’t know where to start about how helpful Jason Lewis was for us and how easy he was to work with. My wife had half ownership of a home in San Diego and a relative owned the other half. In this situation communication was very challenging. The idea of listing the property in the “normal” way was not likely to work well. Full disclosure here, I am a licensed Realtor in another state and I believe in the “normal” way of selling homes! KB We had received numerous inquiries regarding this place from a number of investors. Jason promptly and courteously replied. He took the time to actually listen to the details of the situation without interruption. He then suggested a very straightforward proposal. The sale of the house to Jason recently closed and we couldn’t be happier. We really believe that this may have been the only way we could have succeeded in getting this done! Jason followed through on everything! An honest person and a good man who sincerely makes an effort to work through the difficulties that can arise in these transactions. We wholeheartedly recommend him!”

I would like to take this opportunity to thank you so much for for patience, kindness and understanding in regards to this difficult probate case. Never could I have thought it would take almost three and a half years to go through the process to settle this case. I am so thankful that I choose you to purchase and remodel my Aunt’s home. Thank you for showing us my Aunt’s house after you remodeled it. It is beautiful!!!!!